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Saturday, May 30, 2020 7:46:09 AM EDT

Industrial Production Updated 15-May-20 09:50AM ET

Industrial production declined 11.2% m/m in April ( consensus -12.1%), which was the largest monthly drop in the 101-year history of the index.

The capacity utilization rate fell from 73.2% to 64.9% ( consensus 64.0%), which is 14.9 percentage points below its long-run average and a record-low in a series that dates back to 1967.

Manufacturing output declined 13.7% -- the biggest drop on record. The index for durable manufacturing dropped 19.3%, with the shutdown of motor vehicle assembly plants having a huge impact there.

The seasonally adjusted annual rate of motor vehicle assemblies was just 0.18 million versus 7.18 million in March and 11.37 million in February.

Mining output declined 6.1%.

Utilities output declined 0.9%.

The key takeaway from the report is that it is a reflection of how industrial production cratered amid shutdown orders designed to contain the spread of COVID-19. On a yr/yr basis, industrial production was down 15.0%.
Industrial Production
Total Index-11.2%4.5%0.1%-0.5%-0.4%
Capacity Utilization
Total Industry64.9%73.2%76.7%76.7%77.2%